Daily (13.03.2019): NBP spot tumbled by 4% on Tuesday, due to strong wind power output and rising temperatures

13/03/2019 10:24 Daily


Oil prices inched up on Tuesday, supported by Saudi Arabia's plan to tighten supply in April. A shortage in Venezuelan oil exports due to a power outage also boosted prices. However, gains were limited by rising U.S. crude production. Both Brent and WTI crude rose by 0.1% to $66.67 a barrel and $56.87 a barrel respectively.

British gas prices weakened on Tuesday as strong wind output led to reduced gas demand from power generators. Furthermore, rising temperatures also lent support to prices. NBP spot dropped by 4% to 40.70 p/therm, while the Q2 2019 delivery contract traded 1.9% lower at 40.49 p/therm.


European day-ahead power prices plummeted on Tuesday, due to lower demand and rising electricity output from wind turbines. The price for the German spot power contract tumbled by 50.7% to 18.05 EUR/MWh, while the equivalent French contract traded 26.7% lower at 28.88 EUR/MWh.


Along the curve, electricity prices posted gains, influenced by higher carbon prices. The price for the German power contract for delivery in 2020 rose by 1.1% to 48.43 EUR/MWh, while the equivalent French contract traded 0.7% up at 51.46 EUR/MWh.


EU carbon prices increased slightly on Tuesday, on continued ambiguity around Brexit. The price for the 2019-expiry contract was 0.2% higher at 22.33 EUR/tonne.

Daily (23.04.2019): Oil prices surged by 2.9% on Monday after U.S. commitment to cancel waivers on Iranian crude imports

23/04/2019 10:50:00

Crude oil prices jumped to a 2019 high on Monday, on prospects of a tighter supply raised by U.S. commitment to end all sanction waivers as of May 1 for the eight countries that import Iranian oil. Ongoing U.S. sanctions against Iran and Venezuela, as well as OPEC’s production cuts also supported prices. Brent crude soared by 2.9% to $74.04 a barrel, while WTI futures surged by 2.4% to $65.55 a barrel.


Gazprom sees output falling as European gas demand declines

23/04/2019 09:53:00

Gazprom PJSC forecasts a conservative natural gas production outlook for 2019, based on warm weather and growing competition from Russian-piped super-chilled fuel.


BP, partners to go ahead with $6bn ACE project offshore Azerbaijan

23/04/2019 09:47:00

BP and its partners in the Azeri-Chirag-Gunashli field (ACG field) have approved the $6bn Azeri Central East project (ACE project), which marks the next stage of development of the super-giant offshore Azerbaijani oilfield in the Caspian Sea.